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Small Business Energy Loans

Financing is available for eligible small business owners completing high-performance heat pump projects in towns where the Small Business Initiative is active. Qualifying lighting projects can be included in loan applications that also include heat pumps. Apply now to install your efficiency project with no money down and no closing fees.

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Eligibility

Business

  • Business with a peak electrical demand of 25kW or less (Small General Service or Small Service, depending on the utility territory)
  • Located in an active Efficiency Maine Small Business Initiative region
  • Creditsafe Credit Score of at least 43 OR, if a Creditsafe score cannot be generated, the business may provide a personal guarantee, proof of operations for more than 24 months and a current electric bill payment with no past-due balance

Upgrades

  • High-performance heat pumps retrofits
  • LED lighting retrofits (in addition to a high-performance heat pump)

Installer

  • Upgrades must be installed by an Efficiency Maine Qualified Partner participating in the Small Business Initiative

Financial Example

LED lighting and two single-zone heat pumps with financing
Installed Cost Lighting Retrofit Project $ 4,250
Installed Cost Two Single-Zone Heat Pumps + $ 7,750
Estimated Incentive – $ 7,000
Total Loan Amount
 $ 5,000

Monthly Loan Payment (4.99%) Options
12 mo. = $428
24 mo. = $219
36 mo. = $150

The Process

  1. Call Efficiency Maine to sign up for a free lighting and heat pump assessment if you are located in an active region in the Small Business Initiative. Or fill out this form. Provide a copy of an electric utility bill that shows your rate class (Small General Service or General Service, depending on utility territory).
  2. Local participating contractor(s) will complete the assessments. The assessment will then be shared with Efficiency Maine for review and pre-approval.
  3. Efficiency Maine will provide you with approved scope(s) of work for review.
  4. If you’d like to move forward, sign off on the scopes of work. If you’re applying for financing, Efficiency Maine will supply a Small Business Loan Work Scope Form.
  5. For financing, apply for loan pre-qualification and project financing online or by phone (866-376-2463). As part of the application, upload your Small Business Loan Work Scope Form. If your business is eligible for a loan, you’ll receive documents showing the exact loan amount, payments, etc. within 3 business days.
  6. Sign and email or mail the loan closing documents. You’ll be notified that the loan has been processed within 3 business days.*
  7. Your contractor(s) will complete the energy efficiency project. After completion, send Efficiency Maine the Project Acceptance Form documenting that the project is complete. This will trigger payment of Efficiency Maine’s portion of the project cost direct to the contractor(s). We’ll send the loan amount to your contractor within 3 business days.*

*if all paperwork is complete

Terms and Conditions

  • Loans may only be used for costs of purchasing and installing qualifying heat pumps and LED lights approved through, and consistent with, Efficiency Maine’s Small Business Initiative
  • Amount of loans may be as low as $2,000 or as high as $10,000 per customer location
  • The interest rate for financing through this initiative is 4.99%, requiring no money down and no closing fees
  • The term of the loan may be either 12 months, 24 months, or 36 months
  • There is no pre-payment penalty